Redstone

What is RedStone?

RedStone is a modular oracle network designed to deliver fast, gas-efficient, and tamper-proof data feeds across over 50 blockchain networks, including both EVM and non-EVM chains. Its architecture supports diverse data models and consumption patterns, making it a versatile solution for decentralized applications (dApps) requiring reliable real-world data.

Key Features

• Modular Architecture: RedStone's design allows for seamless integration of data feeds across various blockchain environments, supporting push, pull, and hybrid models to cater to different protocol needs.
• Gas Optimization: By minimizing on-chain data storage, RedStone reduces gas costs, enhancing efficiency for dApps.
• Diverse Data Sources: Aggregates data from over 180 sources, including centralized exchanges, decentralized exchanges, and aggregators, ensuring comprehensive and accurate data feeds.
• Security and Reliability: Utilizes cryptographic signatures and a network of decentralized data providers to ensure data integrity and prevent manipulation.

Native Token: RED

The RED token serves multiple functions within the RedStone ecosystem:

• Staking: Data providers and token holders can stake RED to secure the network and earn rewards, enhancing the oracle's economic security.
• Payment: Users of RedStone's data feeds pay for services in major tokens like ETH, BTC, SOL, and USDC, with fees distributed to RED stakers.
• Governance: RED holders participate in decision-making processes, influencing the protocol's future developments.

Integration with Cryptoworth

RedStone integrates seamlessly with Cryptoworth, enabling users to gain financial clarity in their digital asset accounting workflows. Through this integration, users can efficiently track, categorize, and report their RED transactions, ensuring accurate financial reporting and compliance with accounting standards.

Getting Started

1. Visit the RedStone website to learn more about the oracle network and its offerings.
2. Acquire RED tokens through supported exchanges to participate in staking and governance.
3. Integrate RedStone's data feeds into your dApps to leverage reliable and efficient oracle services.
4. Utilize Cryptoworth to monitor and manage your RED holdings for streamlined accounting and reporting.

For more information, visit the RedStone website.

FAQs on RedStone and Accounting Integration

How does Cryptoworth handle staking rewards and data provider incentives from RedStone?

Cryptoworth captures RED staking transactions and associated rewards with full cost basis and timestamp metadata. This ensures accurate income recognition and supports proper classification in financial statements.

Can Cryptoworth reconcile off-chain data usage fees with on-chain RED distributions?

Yes. While payments may occur in stablecoins like USDC or ETH, Cryptoworth tracks their relationship to RED staking rewards, enabling reconciliation between oracle usage expenses and token-based revenue disbursements.

Is governance activity on RedStone relevant for financial reporting?

Yes, if RED tokens are used to vote on protocol-level decisions or treasury allocations, Cryptoworth can log those governance actions to ensure alignment with internal controls and audit trails.